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Deductions & credits
As part of tax reform relief for those affected by natural disasters, you can now deduct your total loss (minus $500 and any amount covered by insurance) along with your usual Standard Deduction, whether you amend 2019 (see below) or file as usual for tax year 2020. This means you’ll be able to claim everything you lost over $500 without having to itemize deductions on your taxes.
For additional information please refer to the following link:
Presidentially Declared Disaster Area
Here is a link to the information posted by IRS on Hurricane Zeta Disaster:
February 16, 2021
8:01 PM